Electronic Investor

TradeKing, Gain Unite

The latest example of the consolidation among smaller online broker firms. More tools, lower prices for Gain traders.

Fort Lauderdale, Fla.–based online broker TradeKing, which snapped up rival Zecco late in 2012, last week bought Gain Securities, a subsidiary of Gain Capital Holdings. TradeKing's CEO Don Montanaro says the takeover includes only Gain's stocks, bonds, and options customer base, which was a small portion of the online firm's total retail business, which focuses on foreign-exchange trading. The deal will close within 30-60 days, pending approval of the Financial Industry Regulatory Authority.